While homeownership is part of the American Dream for many people, some dream a little bigger and want to own one or more investment properties.

But buying a rental property means shouldering many responsibilities since being a landlord isn’t easy. Some people thrive at juggling competing priorities. So, if that’s you, have at it. Even so, most people have enough on their plates and may struggle to manage their rental properties. That’s where hiring a rental property management firm may be an option.

Keep reading to see three signs you need to consider hiring a property manager.

1. You Don’t Like Getting Calls from Tenants During Your Downtime

Your tenants are essential if the goal is to make rental income month after month. And if you want to retain good tenants so the passive rental income flows smoothly, you must prioritize customer service. It’s a must-have rather than a nice-to-have. 

However, providing the level of customer service tenants deserve can be difficult. Can you deal with a tenant calling to report a faulty oven or kitchen faucet when you’re sitting at the table having supper with your family? What about if you get a call like that right after settling into bed for what you hope is a good night’s rest? The sleep will leave your eyes in a hurry if a tenant calls to report a problem.

You don’t want anything to fall between the cracks, but you don’t want to spend all day and night on the phone or at the rental property. If you find it hard to keep up with customer service, it might be time to see how a property management firm can help you help your tenants. It’s an investment that will make a big difference.

2. You Keep Getting Bad Tenants and Want to Find Good Ones

As an investment property owner, you want to find quality tenants who’ll pay rent on time. Finding good tenants takes a good process — one that property managers have down pat. You’ve heard the old saying that one definition of insanity is doing the same thing repeatedly while hoping for different results. If you’ve had bad luck choosing tenants, hire a property manager with a process designed to screen applicants and find the most suitable ones.

A property manager will ask applicants for reference letters from previous landlords, conduct credit score checks, request proof of income, and more. The process will help them find the most suitable people to occupy your units and weed out questionable applicants. Most importantly, property managers understand how to screen effectively and legally. If you try to do it independently, you may break laws that get you in legal trouble. You can count on property managers to conduct the process correctly.

3. You Need Help Setting Rent

While you can request whatever you want for rent, it’s best to understand the real estate dynamics in your area. You don’t want to ask for too little since that will leave too much money on the table. Buying a rental property is an investment, after all. But you also don’t want to request too much rent since you’ll turn off otherwise good tenants. 

A property manager can advise you about how much to charge for rent. Remember that these professionals know the real estate market and can help you charge the right amount.

If you own a rental property, it might be a good idea to hire a property management firm. There’s a lot at stake. Getting some help when you need it will increase your odds of success.